Tax Credits

News about Tax Credits, including commentary and archival articles published in The New York Times.

Chronology of Coverage

Mar. 3, 2015

Growing number of rich British citizens are 'non-domiciled' under Edwardian-era tax rule, where they do not have to pay tax on foreign income or assets, only on money they earn in Britain; to qualify, they only need show their fathers were born outside country and they intend to return to that place; as result, national debate arises over inequality, tax havens and government austerity. MORE

Mar. 2, 2015

Op-Ed article by Prof Nicholas Bagley assesses upcoming Supreme Court case that will determine whether the federal government has the right under Affordable Care Act to help pay insurance premiums for people anywhere in the United States; notes plaintiffs contend government can only help people residing in states that have established insurance exchanges; argues court cannot ignore fact that 9.6 million people will lose their coverage should they rule in plaintiff's favor. MORE

Feb. 15, 2015

Lawmakers in Washington from both parties say they are committed to reforming byzantine tax code, but as tax season arrives yet again it is clear that reformers have momentous challenge given that every deduction in code has ardent defenders; latest example of problem's complexity was Pres Obama's education proposal, which was hijacked by suggestion to discontinue tax exemption for 529 education accounts. MORE

Feb. 15, 2015

Tips for filing 2014 taxes, including navigating new paperwork necessary due to Affordable Care Act. MORE

Feb. 15, 2015

Hypothetical tax return for family of five in New York State offers guide to how individuals can arrange for larger tax cut by navigating complex rules that determine tax liability. MORE

Feb. 4, 2015

American companies regularly take advantage of tax loophole that allows them to deduct any court-ordered punitive damages as ordinary business expense; critics say loophole is effectively forcing taxpayers to pay for corporate wrongdoing; Sen Patrick Leahy of Vermont has introduced legislation to ban practice. MORE

Feb. 2, 2015

New York City housing program known as 421-a, which gives developers major tax breaks to include low-income housing in luxury buildings, is up for renewal by State Legislature; critics call program boondoggle that does little to create affordable housing, while developers say they could not afford to build without it; Mayor Bill de Blasio, who has promised to create 80,000 affordable housing units in city, will present his own proposals for 421-a, rent regulation and other programs. MORE

Feb. 1, 2015

Obama administration officials have created 30 types of tax exemptions in effort to ease filing problems related to Affordable Care Act, and are considering adding more; law's advocates worry that penalties required of uninsured consumers will generate anger and that claiming tax credits used to pay for insurance in 2014 may prove complicated. MORE

Jan. 31, 2015

Ron Lieber Your Money column examines why Pres Obama's proposal to tax 529 college savings plans received such negative reaction, forcing his administration to backtrack; posits that much of what fueled opposition to the proposal were attitudes toward college costs and savings, not the actual policy in question. MORE

Jan. 29, 2015

The Upshot: failure of Pres Obama's plan to end 529 tax breaks for college savings programs is due to fact that families making at least $200,000 a year who benefit from these tax provisions consider themselves more middle class than affluent; controversy highlights how difficult it is to attempt tax reform. MORE

Jan. 28, 2015

Obama administration says Pres Obama, confronted with disapproval from parents and both parties, will drop his proposal to end popular 529s college savings accounts; he will retain expanded tuition tax credit as part of his college access plan; move is sharp turn for Obama, who made proposal in his State of the Union message. MORE

Jan. 26, 2015

Solar thermal plants can store and use sun's energy even after sunset, but developers like Spanish company Abengoa do not have plans to build more plants in United States due to uncertainty over important tax credit worth 30 percent of project's cost; subsidy, known as Investment Tax Credit, is only scheduled to remain in place until end of 2016, when it will fall to 10 percent. MORE

Jan. 23, 2015

Pres Obama is proposing that money withdrawn from 529 college savings plans no longer be tax-free; seven million families hold $217 billion in plans. MORE

Jan. 11, 2015

Growing number of wealthy art collectors are establishing private tax-exempt exhibition spaces, often within a stone's throw from their homes; status allows them to deduct full market value of their artworks, and the cost of their upkeep, while retaining de facto control of the collections and limiting the volume of visitors to the space; critics worry that taxpayers are subsidizing multimillion-dollar art purchases with little public benefit in return. MORE

Jan. 6, 2015

Op-Ed article by journalist Llewellyn Hinkes-Jones opposes the rise of so-called 'venture philanthropy' in the pharmaceutical industry; calls it yet another term for privatizing scientific research; holds trend introduces tax-exempt loophole, allowing organizations to develop drugs on publicly funded research and then sell results to private industry; calls for increased funding to the National Institutes of Health, and for rule that would prevent venture philanthropists from obtaining exclusive patent rights. MORE

Dec. 26, 2014

Tara Siegel Bernard Your Money column observes Affordable Care Act will be reconciled through tax returns in 2015; notes this means millions of taxpayers will have to deal with new tax forms and calculations that might have unexpected financial impacts; outlines some of biggest ways new tax law may affect taxpayers. MORE

Dec. 26, 2014

Questions and answers for taxpayers who bought health care through health insurance exchange and must report their health care status on their tax returns. MORE

Dec. 24, 2014

House investigation into Internal Revenue Service's denials and delays of tax exemption applications by Tea Party groups does not show coordination between agency and Obama administration officials. MORE

Dec. 20, 2014

European Union files trade case against United States, claiming package of tax breaks offered by Washington State to Boeing for its planned 777X jet violate World Trade Organization rules and give unfair advantage over Airbus. MORE

Dec. 18, 2014

Germany's Federal Constitutional Court strikes down law allowing companies to be passed from generation to generation tax free, creating backlash among business groups. MORE

Dec. 11, 2014

Kentucky rescinds offer of tax breaks for a religious-themed park that would feature a 500-foot-long wooden ark based on Noah’s Ark; state officials say planned project had changed from tourism attraction to outreach for Christian ministry. MORE

Dec. 10, 2014

Audit by J Russell George, Treasury inspector general for tax administration, reveals that the Internal Revenue Service paid at least $6 billion in child tax credits in 2013 to people ineligible to receive them. MORE

Dec. 10, 2014

Six major real estate development projects offer hope for economic revival in Camden, NJ, city with bleak history of crime and poverty; projects have been approved by New Jersey Economic Development Authority for tax credits worth total of $614 million, leading to creation of some 2,000 local jobs. MORE

Dec. 4, 2014

Editorial supports Pres Obama's well-timed veto threat that scuttled a flawed tax deal; holds move is good indication that Obama and some Democrats will be successful in blocking the worst proposals to come up in this lame-duck and future sessions of Congress; says some proposed tax breaks for 2015 and beyond are worthwhile but others are special-interest giveaways and hugely wasteful handouts; urges Congressional Republicans to create acceptable package by dropping wasteful corporate tax cuts and including provisions to help low- and middle-income workers. MORE

Dec. 4, 2014

Gail Collins Op-Ed column facetiously lauds Congress for working to pass major tax bill that will extend various breaks until end of 2014; states there is not going to be any major tax reform. MORE

Dec. 3, 2014

Op-Ed article by Prof David A Super points out that congressional Republicans and some Democrats are trying to make permanent dishonest method for businesses to claim tax deductions; notes that tax break, called bonus depreciation, allows a business to pretend that its building and equipment wear out faster than they actually do; calls for end to practice, arguing that it will cost staggering amount and has no economic benefit. MORE

Nov. 26, 2014

Pres Obama threatens to veto emerging agreement on permanent tax breaks for corporations that would give them $440 billion over decade; proposed deal, negotiated between House Republicans and aides to Democratic Sen Harry Reid, outgoing majority leader, is being criticized for neglecting working poor and underscores power shift since Republicans rolled to victory in midterm elections. MORE

Nov. 19, 2014

Congress must decide whether to renew 56 tax provisions set to expire, as legislative session comes to a close; supporters of measures say they are vital to select industries and economic development, but growing group of lawmakers say many of them are special-interest tax expenditures kept going by lobbyists; Senate is learning toward extending all; House would pass fewer, but make them permanent. MORE

Nov. 15, 2014

Gail Collins Op-Ed column examines debate in Congress over extending series of temporary tax breaks, which many members of Congress support as alternative to more difficult feat of creating permanent tax policy; supports opposition from Koch brothers to such tax breaks for wind power companies, but only if oil industry lose its tax breaks as well. MORE

Nov. 8, 2014

Supreme Court agrees to hear challenge to Affordable Care Act over issue of tax subsidies given to people in states that opt not to run their own health care exchanges; challengers argue that subsidies are being provided unlawfully in three dozen states; outcome of case could affect ability of millions to buy coverage. MORE

Nov. 8, 2014

Ron Lieber Your Money column examines why cap on deposits in health care flexible spending accounts is going up, while contribution limit to child care and other expenses has not been raised; notes that at issue is the amount of tax revenue it would cost Treasury in tax payments. MORE

Oct. 24, 2014

Federal Judge Reggie B Walton dismisses two lawsuits against the Internal Revenue Service related to the treatment of conservative groups seeking tax-exempt status, ruling that no remedy is necessary because applications were approved. MORE

Oct. 18, 2014

Oct. 17, 2014

New York City and State officials are negotiating with JPMorgan Chase over potential deal to build $6.5 billion corporate campus with two high-rise towers at Hudson Yards on Far West Side of Manhattan; talks involve one of largest real estate complexes for a single company in New York City history, and Chase is seeking significant financial subsidies from city and state. MORE

Oct. 8, 2014

New York Is Music, coalition of music industry figures hoping to keep music production businesses from moving to other states, urges New York State Legislature to give $60 million in tax breaks each year to companies involved in creation of music. MORE

Oct. 7, 2014

United States Tax Court rules in favor of artist Susan Crile, who was accused by Internal Revenue Service of underpaying taxes from 2004 to 2009; IRS had claimed that Crile could not claim tax deductions in excess of the income she made from selling her art. MORE

Sep. 13, 2014

Experts in industrial development question true economic benefits to Nevada from luring Tesla Motors to build giant battery factory; crucial issue is that whenever state offers incentive for company to build factory, economic stimulus is rarely concentrated in surrounding area. MORE

Aug. 28, 2014

California lawmakers and Gov Jerry Brown say they have reached agreement to expand state's film incentive program, capping drive by entertainment industry unions, filmmakers and executives to bolster sagging movie and television production in state. MORE

Jul. 23, 2014

Op-Ed article by Gene B Sperling, former director of National Economic Council, calls for reforming tax incentive system for retirement savings, which would turn ongoing national discussion on wealth inequality into tangible policy; proposes government-funded universal 401(k). MORE

Jun. 29, 2014

The Upshot column; Kansas passed a big and unusual tax cut in 2012 in the name of small business, but now the state faces a shortage in tax revenue that is straining its budget; one key issue is that the tax cut made it far easier to file, often misleadingly, as a small business. MORE

Jun. 22, 2014

Many companies insure their employees’ lives with themselves as beneficiaries, a practice some deride as immoral. But companies say the policies, for which they get tax breaks, help them bolster pensions and health care. MORE

Jun. 12, 2014

Jun. 12, 2014

BNY Mellon is at center of fierce tug-of-war between New York and New Jersey to either move or relocate its headquarters, along with more than 1,100 employees; both Gov Chris Christie and Gov Andrew M Cuomo are offering huge subsidies in hopes of luring bank to their state's side of Hudson River. MORE

Jun. 7, 2014

Gail Collins Op-Ed column compares Republican Rep Dave Camp to the Hobbit in that he has taken on brave quest in search of way to make tax system cleaner and simpler; notes that Camp's first effort, principled proposal that eliminated number of loopholes, was shot down by fellow Republicans; expresses bafflement that Camp responded to rebuke by making number of tax cuts permanent. MORE

May. 23, 2014

Internal Revenue Service says it has delayed and is revamping new rules to curb political activity by tax-exempt groups that were proposed after the agency was accused of targeting Tea Party groups; changes will not be in place for 2014 midterm elections. MORE

May. 21, 2014

Jim Dwyer About New York column; New York State Assembly committee will consider bill to repeal property tax exemption with no expiration date granted to Madison Square Garden; Garden has cumulatively saved $350 million in property taxes since exemption was enacted in 1982. MORE

May. 14, 2014

Senate shrugs off deficit concerns that were once animating force on Capitol Hill, voting 96-3 to debate package of business tax breaks that would raise deficit by $156 billion over 10 years. MORE

May. 10, 2014

Op-Ed article by Council of Foreign Relations staff Edward Alden and Rebecca Strauss asserts that practice of using state taxpayer money in effort to lure industry away from other states is wasteful and amounts to handout for corporations; holds that laws limiting subsidy competition among different countries should be adapted to states; says that states must work together, along with help from federal government, to achieve this. MORE

Apr. 18, 2014

Floyd Norris High & Low Finance column notes that wealthy Americans face significant tax increases starting in 2013 that are greater for investment income, much of which goes to the super-rich; says taxpayers reporting more than $10 million in income pay lower tax rates than do taxpayers reporting $500,000 to $10 million. MORE

Apr. 18, 2014

Battle for filmmaking tax credits has begun in several states, including California, the home of Hollywood, and has led to cutbacks in others like Maryland; California, along with companies and unions, are handing out up to $2 billion in new tax breaks to increase movie and television production after losing business to states like New York and Louisiana. MORE